Liv always believed that her father was musician Todd Rundgren, who her mother had a long-term relationship with and who helped raise her. Although her birth certificate stated that Rundgren was indeed her father, a 10-year-old Liv became suspicious after meeting Aerosmith's Steven Tyler at a Rundgren concert, and even more suspicious after seeing Tyler's daughter Mia, who resembled her greatly, at an Aerosmith concert. Liv confronted her mother about the topic and her mother told her the truth, that Steven Tyler was her father and that Liv was the product of an 8-month relationship between Tyler and Buell. Liv made her biological father's name (Tyler) her own at the age of 12.

1997 - Nominated for a YoungStar Award for Best Performance by a Young Actress in a Drama Film for: Stealing Beauty (1996)
1999 - Nominated for a Blockbuster Entertainment Award for Favorite Actress - Sci-Fi for: Armageddon (1998)
1999 - Nominated for a MTV Movie Award for Best Female Performance for: Armageddon (1998)
1999 - Nominated for a MTV Movie Award for Best On-Screen Duo for: Armageddon (1998), Shared with: Ben Affleck
1999 - Nominated for a Razzie Award for Worst Screen Couple for: Armageddon (1998), Shared with: Ben Affleck
1999 - Nominated for a Razzie Award for Worst Supporting Actress for: Armageddon (1998)
1999 - Won the Critics Award for Best Foreign Actress for: Onegin (1999)
2002 - Nominated for the Actor Award for Outstanding Performance by the Cast of a Theatrical Motion Picture
for: Lord of the Rings: The Fellowship of the Ring, The (2001), shared with the cast.
2003 - Nominated for the DVD Premiere Award for Best Audio Commentary, New Release for: Lord of the Rings: The Fellowship of the Ring, The (2001),
Shared with the cast. For the Extended Edition.
2003 - Nominated for the Actor Award for Outstanding Performance by the Cast of a Theatrical Motion Picture
for: Lord of the Rings: The Two Towers, The (2002), shared with the cast.